Kroo kicks off £70m fundraise as it targets profitability
Digital bank Kroo is looking to raise a fresh round of cash from investors as it targets a swing to profit in the coming months, the firm announced today.
In a statement this morning, Kroo, which won its full banking licence in June last year, said it was now looking to raise up to £70m in equity capital and was hoping to be profitable by the time it closed the round.
Bosses said the firm was scoping out “family offices, institutional investors, venture capitalists and private equity in the UK, US and Europe” as sources of the new cash injection.
“Our growth in the last nine months shows there is an appetite for better banking, and this latest investment round will enable us to support more customers and increase the products and services we offer,” Andrea De Gottardo, Kroo’s chief executive, said.
“We want to challenge the traditional banking model for the better, shifting the relationship with customers by building their trust,” he said.
Launched in 2016, Kroo offers current accounts and overdrafts to customers. The firm has raised some £75m in total from backers and has been ranked as one of the fastest growing fintech firms in Europe.